Financials SmartCentres Real Estate Investment Trust

Equities

SRU.UN

CA83179X1087

Commercial REITs

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
22.44 CAD +0.18% Intraday chart for SmartCentres Real Estate Investment Trust +0.54% -9.84%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 4,477 3,338 4,655 3,873 3,600 3,245 -
Enterprise Value (EV) 1 4,477 3,338 4,655 3,873 3,600 3,245 3,245
P/E ratio - - - - - - -
Yield 5.81% 8.02% 5.75% 6.91% 7.43% 8.24% 8.24%
Capitalization / Revenue 5.62 x 4.33 x 5.91 x 4.73 x 4.13 x 3.66 x 3.56 x
EV / Revenue 5.62 x 4.33 x 5.91 x 4.73 x 4.13 x 3.66 x 3.56 x
EV / EBITDA 8.84 x 7.73 x 9.59 x 7.93 x 6.7 x 6.09 x 5.95 x
EV / FCF - 11.3 x 12.5 x - - -105 x 95.5 x
FCF Yield - 8.87% 7.97% - - -0.96% 1.05%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 143,457 144,618 144,625 144,625 144,625 144,625 -
Reference price 2 31.21 23.08 32.19 26.78 24.89 22.44 22.44
Announcement Date 2/12/20 2/11/21 2/15/22 2/8/23 2/14/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 796.2 771.1 787.4 818.6 871.1 886 910.4
EBITDA 1 506.5 432 485.6 488.2 537.5 533.3 545.3
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Free Cash Flow 1 - 296 371.3 - - -31 34
FCF margin - 38.38% 47.15% - - -3.5% 3.73%
FCF Conversion (EBITDA) - 68.51% 76.46% - - - 6.24%
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 1.813 1.850 1.850 1.850 1.850 1.850 1.850
Announcement Date 2/12/20 2/11/21 2/15/22 2/8/23 2/14/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - - - 221.5 222 216.4 215.2 218.7 229.9
EBITDA 1 - 123.5 138.8 - 128.9 135.1 135.6 - -
EBIT - - - - - - - - -
Operating Margin - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - -
Net income - - - - - - - - -
Net margin - - - - - - - - -
EPS - - - - - - - - -
Dividend per Share 0.4625 0.4620 - - - - - - -
Announcement Date 5/10/23 8/9/23 11/8/23 2/14/24 - - - - -
1CAD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - 296 371 - - -31 34
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex 1 - - - - - 233 234
Capex / Sales - - - - - 26.32% 25.67%
Announcement Date 2/12/20 2/11/21 2/15/22 2/8/23 2/14/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
8
Last Close Price
22.44 CAD
Average target price
25.53 CAD
Spread / Average Target
+13.78%
Consensus

Quarterly revenue - Rate of surprise

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